What does that really mean?
The media is reporting that in Utah the average selling price of homes fell, what does that really mean? The media very seldom takes the time to explain anything that is comprehensable to the general reader. The headline always glares bad news, “oh my gosh the average sales price is down”. What that really means is that homes are selling, but at a lower selling point, not price. If a bunch of homes are selling under $500K, then yes the averages will be down because the higher priced homes are not selling as well or as fast, but that does not mean they aren’t selling. Look for a headline in the near future, as $500K+ homes get absorbed by the market, that touts “average sales prices jump”. But even that doesn’t mean anything other than the market is doing just exactly what it does.